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Here are today’s top business headlines from across the nation and world:
LONDON (AP) — The Bank of England has unveiled a series of stimulus measures, including its first interest rate cut since the global financial crisis, as it tries to jumpstart an economy shocked by Britain’s vote to leave the European Union. The central bank cut its key rate to 0.25 percent from a previous record low of 0.5 percent. It is also expanding its bond-buying stimulus program to pump an additional 60 billion pounds ($79 billion) in new money into the economy. And it will buy up to 10 billion pounds in U.K. corporate bonds – or bonds sold by companies to finance their activities. Read more
NEW YORK (AP) — In another win for cable cord-cutters, Time Warner has become the latest media company to invest in streaming service Hulu. The move could boost the viability of an online TV service that Hulu is expected to launch next year as an alternative to cable TV. Time Warner Inc., which owns HBO, TNT and TBS, took a 10 percent stake in Hulu for $583 million in another step blurring the lines separating cable TV from internet video services. Hulu’s other stakeholders already include the parent companies of ABC, Fox and NBC – Walt Disney Co., 21st Century Fox and Comcast’s NBCUniversal. Read more
WASHINGTON (AP) — A Federal Reserve official who has been a leading supporter of a slow approach to raising interest rates said Wednesday that one rate increase “could be appropriate” this year. Charles Evans, president of the Fed’s Chicago regional bank, didn’t specify whether he thought that rate increase should come at the Fed’s next policy meeting in September or as late as December. He also said he might still prefer no rate increase at all this year until he sees inflation rising above its current low level. Read more
Small business owners showed a modest uptick in optimism in a survey released Thursday by Wells Fargo & Co. The bank’s Small Business Index, which measures owners’ sentiment, rose 4 points to 68 from 64 in the previous survey released during the second quarter. The index was 67 at the beginning of this year. Owners had a slightly more upbeat assessment of their companies’ current financial situation as well as their expectations for how business will be a year from now. However, they also had a slightly more pessimistic view of what their revenue will look like over the next year. Read more
As parents prepare their rising freshmen for life at college, many are leaving out a crucial piece of information: how to build credit. The college years are the best time to begin the process. After graduation, adults with no credit history have a harder time renting apartments, obtaining car loans or, eventually, mortgages. Nowadays, getting approved for a first credit card can be the toughest part. Back when many of today’s parents were in college, issuers lined up on campus to enroll students for starter cards. Since then, changes to federal law have sharply restricted students’ credit access, making so-called student cards an option for fewer and fewer students. Read more
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